How to use big data to make faster and better business decisions

By Thor Olavsrud , CIO |  Big Data, Analytics

By using new Big Data technologies, organizations can answer questions in seconds rather than days and in days rather than months, Barth says. This acceleration, in turn, allows businesses to answer questions that have resisted analysis, develop test and learn processes that quickly adapt to the market and automate complex workflows.

However, reaping the benefits of accelerated TTA requires following a careful process based upon a clearly defined and governed relationship between Big Data and traditional analytics solutions.

Big Data, Analytics and Organizational Alignment

"Historically, there has been much talk about the difference between traditional analytics and Big Data, and organizational responsibility for each within an enterprise," the report says. "The survey, however, shows the two are becoming closely intertwined and must work together to deliver the promised results of Big Data. Further, breaking down organizational boundaries and creating close integration between IT organizations and the business units is a critical step for any organization hoping to build a winning strategy for Big Data."

"Data management and analytics have often resided in different parts of the organization," the report adds. "IT departments usually controlled the data and analytics was conducted in either a special group or within a business unit. This is contrary to the entire principle of Big Data and the survey confirms that organizations understand close integration is necessary. Sixty-five percent say, "Big Data is an integral part of Data Management," and 68% further felt that "Big Data is part of the Advanced Analytics toolbox."

Making this leap—integrating traditional analytics and Big Data while tearing down boundaries between IT and business units-is a critical early step in creating organizational initiatives that leverage Big Data to affect the business, NewVantage concludes.

"Integrating real-time, full analytic capabilities into the business and operating units will enable the type of quick reactions to key business questions and challenges that can build competitive advantage and improve performance," the report says.

"Think about your data and data quality as having different stages that we call bronze, silver and gold," Barth adds. "Data in your data warehouse is gold. When you go to that gold source, you know you're getting data that has been really worked through. But what if data is also available in a raw form and you can get it to me in a week or a month, if you can dump all the data in one place and organize it just a little bit? The data is useful before it's perfect."


Originally published on CIO |  Click here to read the original story.
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